Millennials are young people born between the early 1980s and mid-1990s. They make up the largest generation in history, and they’re quickly changing the way businesses operate.
There’s so much potential in marketing to the millennial generation, but many real estate agents still struggle to find a way to reach out.
Now that they’ve all grown up, it’s only a matter of time before this young generation begins looking for homes. So what do you need to know about this generation and their needs?
They’re Digital Natives and Mobile-First
Millennials have grown up with technology, and they’re comfortable using it to communicate and get information. They’re also used to getting what they want right away, so they expect an immediate response from businesses.
Millennials use their smartphones for just about everything, including buying products and services. It might not be a stretch to say networking with millennials often starts in the digital realm.
You’ll find many millennials find their home on social media sites, so you should have an active presence there. This means having a strong online community that’s focused on your content and services. Realtors should have a website to better connect with the new generation of home buyers. Moreover, their website should be accessible via the small screen of a smartphone or a tablet. This makes engaging with them much easier when they decide to buy a house.
They Don’t Have Patience for Inefficient Processes
We’ve all been annoyed by being put on hold when we call helpful customer service or waiting in line at a store when there are no cashiers available. Millennials especially hate these kinds of inconveniences, and will quickly go elsewhere if they’re frustrated by anything that takes time away from what they were doing before.
Many real estate agents struggle with finding a way to reach out to this young, tech-savvy generation of prospective buyers.
When reaching out to the younger generations, make sure your business is easy for them to contact by phone or email. You want any questions they have answered fast, even if it means getting back to them immediately. They’re not going to wait around all day for an answer that they can get now.
They Care About Social Justice
The millennial generation is the most educated and culturally diverse generation to date, so it’s no surprise they place a high value on social justice.
Aspiring for diversity might be cliche but it’s true. Organizations that care about promoting diversity are more likely to attract millennials since they make up such a large part of the population now.
When buying a home, millennials will probably look for values that they care about the most. This often includes diversity, equality, and sustainability.
They’re especially concerned about being socially responsible, so it’s important to market your company within this context. It might not seem like a big deal for you, but an article or blog post that talks about how you’ve positively impacted the community will mean the world to them.
They Want Space
Millennials are buying more spacious homes and prefer having outdoor living areas.
It’s probably not surprising that many millennials are buying homes with more rooms. This generation is no stranger to working from home, especially after the pandemic.
But their extra room is also about having outdoor living areas, such as porches and decks. Not to mention the backyard for grilling, enjoying time outdoors with family and friends, and gardening. This generation likes to spend time in the natural environment. In fact, a lot of them care for indoor plants. To them, nature provides relief from stress.
That is why an outdoor living area is a necessity. Many of them also wouldn’t mind and would actually prefer to move to the suburbs if it meant having a more affordable and spacious home that has a lawn and a yard. This is especially true for older millennials who are now getting married and having their own children.
They’re Not in a Hurry to Buy
More millennials are waiting to buy homes until they have more money or a steady income.
This generation is burdened by student loan debts and stagnant wages. Moreover, they’re still struggling after experiencing more than one recession within their lifetimes. So it shouldn’t come as a surprise that many millennials are putting off buying houses until they’ve saved up enough money.
It’s important for real estate agents to understand millennials. This generation is the largest and currently their most important client. They’re different from their predecessors in a lot of ways which means that real estate agents have to tailor their strategies to appeal to the new homebuyers.